Ryanair Plans Cyprus Airways Non-Binding Proposal

August 27, 2014
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Ryanair is set to present a Cyprus Airways non-binding proposal on Friday.

Its CEO Michael O'Leary, held meetings with the Cypriot Transport Minister last week. Ryanair's CMO Kenny Jacobs commented on the offer, "We've had a positive meeting on both sides and we think there is a good business there to take over...It gives us access to a really interesting part of Europe that's going to grow and that part of Europe is easily connected to the Middle East, which is also interesting", as reported by Bloomberg.

If Cyprus accepts Ryanair's proposal, the preparation of a binding agreement is predicted to occur over the next several months. This would mark the Irish airline's second holding, following its acquirement of Buzz in 2003.

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